Stellar News

XLM Breached 10-Month Long Resistance After Month of Consolidation

Stellar dedicates current year’s Meridian Conference to generate a global connection for solving real-world challenges. The year 2020 will be an unforgettable one in the history of events due to the outbreak of Coronavirus Pandemic and the aftermath that is believed to be awful when the economy will start a full-fledged recovery. The Pandemic is not an immediate outbreak but is a result of poor and obsolete infrastructure, financial disempowerment, opportunity gaps that were left unfilled, and many more, which led to an unprecedented year which otherwise would have been completed.

In the woke of the Pandemic of 2020 and many such global problems, the Stellar Development Foundation and Stellar Ecosystem are working towards creating change through unity, cooperation, and connection. Here, Stellar aims to converse about a greater understanding of challenges, brainstorming, sustainable and innovative solutions with suitable actions in this regard. With this, a brand-new suitable plan to have equitable access to the global financial system, including know-how about the solutions to barriers like lack of financial knowledge, paperwork, high fees, and lack of physical access to financial institutions.

Stellar’s recent price rally has been attracting major returns to the investors along with many altcoins in Quarter 2. Since altcoins are on a rushing spree, XLM has notably breached a 10-month long resistance above $0.098 in the wee hours of the trading session today. Stellar’s addresses would be fetching great profits with the recent rally along with altcoins like VeChain, Verge, Chainlink, Cardano, etc.

Stellar Price Analysis

XLM coin is acing the market in terms of trading volume due to the recent price hike, wherein the coin has broken the 10-month resistance at 0.0983 against the US Dollar. On the daily chart, the Stellar Lumens has formed a higher high pattern right after May 2020.

Moreover, due to the recent steep surge after a noticeable consolidation, the XLM price is now trading above 61.8 % Fib level with 20-day Bollinger Bands seen gradually expanding on the daily chart. Right after the market crash in March, XLM took nearly two months to rise above 38.2% Fib level and another two months to breach 61.8% Fib. The coin is yet to attain the 52-week high of the previous year, with the lowest YTD marked at $.0260.

XLM News

Moreover, if we emphasize on the 4-hourly XLM price chart, we see a steep movement as the coin breaks above $0.098 but pulls back to trade at $0.094, at the press time. The 20-day Bollinger Bands are seen widened due to the recent rally while XLM/USD retains complete support from 50 & 200-day MAs.

After a brief consolidation in the previous month, Stellar has regained the lost momentum. The technicals are bullish than ever because the MACD reflects a bullish divergence, and the RSI is already hitting above 70 due to accelerated demand.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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